Ryanair already owns 30 percent of the Irish airline. Ryanair's cash offer (about $1.80 per share), is a premium of approximately 25 percent over Aer Lingus's closing price on November 28. Aer Lingus rejected a Ryanair offer of 2.80 euros per share in 2006. Ryanair proposes to operate Aer Lingus as a separate company.

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